Gopee-Scoon: TT rum exports up almost 100%

THIS COUNTRY'S trade in rum, non-alcoholic beverages and waste and scrap iron have all increased, said Trade Minister Paula Gopee-Scoon.

She was contributing to budget debate in the Senate on Thursday.

"TT's trade performance improved significantly over 2016-2018. The country moved from a trade deficit of $2.7 billion in 2016 to a trade surplus of $12.1 billion in 2018."

She said exports in 2018 were valued at $59.7 billion and imports were a lot less at $47.71 billion. Gopee-Scoon said trade is important in driving economic growth and while TT is a small nation we are a trading nation.

She said non-energy trade figures in the review of the economy were static at $30 billion but she "dug deeper" to look at the positives and the negatives. Gopee-Scoon reported:

Non-alcoholic beverages had increased by 124 per cent from $47 million to $106 million,

Waste and scrap iron increased by 96 per cent from $41 million to $80 million,

Rum increased by 95 per cent from $25 million to $46 million,

Yellow fin tuna increased by 85 per cent from $29 million to $54 million,

Cigarettes increased by 24 per cent from $240 million to $297 million.

She said on the negative side, printed books went down by 47 per cent and cement went down by 39 per cent. Gopee-Scoon said she met with Trinidad Cement Ltd some days ago and the company's exports were now up.

"There is a lot to look forward (to). There are some gains. But we have to keep pressing on."

She noted, in September TT's trade policy was launched which will guide the country up to 2023. She said the policy will be tabled in Parliament.

Gopee-Scoon said TT's trade is mainly with Caricom, US and Europe, but this was too narrow and made the country vulnerable, and diversification of markets was more important than diversification of products.

"You can make all the products you want – if you have nobody to sell them to, that's it."

She said the trade policy expands the outlook on markets to South America, Central America, Asia, the Caribbean, Europe and the US, particularly to diaspora communities. Gopee-Scoon said in Cuba exports improved from $11 million to $27 million and TT was its largest Caribbean trading partner.

She said Opposition Senator Wade Mark on Wednesday spoke about corruption, but in the Global Competitiveness Index from 2010-2015 (when the UNC was in power), under diversion of public funds, TT fell 43 points, public trust in politicians fell 25 points, irregular payments and bribes fell 61 points, favouritism in decisions of government officials fell 60 points, and wastefulness of government spending fell 37 points.

"We know you, UNC," she said. "The country knows you, UNC."